Month: March 2017

Dear Friends in the City of Los Angeles, For those of you who are residents and are able to vote, there is a ballot measure to take an important stand against in next week’s local elections: Measure S. L.A. Times, Governor Brown, Mayor Garcetti, and many others have came out against this measure, (here, here, here, here, here, here, here, and here) which will basically prohibit development in the City for the next two years and make it extremely difficult in the years after (to be explained below). For those of you that don’t know, the City of Los Angeles like the rest of California, is in the midst of a housing crisis. With a vacancy rate hovering around 2%, the supply of housing is extremely tight and housing costs are skyrocketing. What most people don’t realize is that at around $56,000, the median wage in Los Angeles is actually not that high, yet average home sale prices have now soared above half a million. That is lunacy. Renters are also suffering, with many paying more than 30% of …